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Management Assurance (Auditing)

Internal Audits & Statutory Audits
Continuing globalization will increase the complexity of principles, regulations, and the cultures in which organizations operate. Increasing litigation, legislation, and regulation will carry important compliance implications. Ever growing competition will put even more pressure on organizations to increase productivity. Reengineering, deregulation, and other change-related activities will break down traditional hierarchical structures and change organizational reporting relationships and management responsibilities.
Each of these phenomenon suggests new demands, challenges and opportunities for the management and the board. Together they emphasize the need for effective, dynamic and competent internal auditing function. Today internal auditing is critical for strong corporate governance, risk management, effective internal control and efficient operations.
An analysis to assess the costs and benefits to be derived by the organization from Internal Audit should address several factors, like the structure of the organization, the degree of autonomy of each operating unit, and your organization's overall culture and management philosophy. An assessment also needs to be made of the control environment within the organization, and the level of awareness of control issues among both management and employees.
The Internal Audit function must increasingly contribute to the achievement of overall corporate objectives while remaining an independent and valued voice.
We will help plan for and resolve all these issues, drawing on our in-depth knowledge of best practice in structuring and organizing effective Internal Audit function.
Our Approach:
  • Determining the Audit Committee's and management's requirements and expectations
  • Furnishing Top management with analyses, appraisals, and counsel on activities they review
  • Monitoring organizational ethics
  • Determining the scope of the Internal Audit work
  • Developing strategic and annual Internal Audit plans
  • Defining working practices, including the Internal Audit methodology, risk analysis model and audit software
  • Establishing cost effective accountability and quality control standards
  • Regular evaluations of the organization's system of control
  • Assessing quality, economy and efficiency of operations.
  • Effective reviews of operational and financial performance
  • Continuous improvement strategies
Quality Control Audits
From traditional Internal Audit to world class Management Assurance, the role and nature of Internal Audit is rapidly changing. Merely reviewing internal accounting controls and compliance testing is not enough to satisfy today's management. Business leaders expect their Internal Auditors to continually demonstrate how they can add value to the organization.
An independent quality assurance review of the Internal Audit function provides an effective means of assessing the performance, against the management's expectations and best practices, which facilities the transition to world-class standards.
A Bansal Neeraj & Associates conducted Quality Control Audit is tailored to meet the specific needs of an organization. It essentially encompasses:
  • Assessing whether the internal audit focus and planning process reflect the organizations needs
  • Assessing whether there are clear reporting lines and that the whether the structure and status of Internal Audit within the organization is appropriate
  • Reviewing work methodologies to ensure that they comply with relevant standards and current practices
Our review is carried out by way of questionnaires, interviews with the Audit Committee, Management and Internal Audit staff, observation and review of the internal audit work. The results are reviewed and the key observations and recommendations are then presented to the Audit Committee.
Corporate Governance
As rational human beings we expect good governance in every facet of our life, in our economy, in politics, in our social and cultural life. Every stakeholder in every kind of enterprise (public or private or non-profit making or non profit service oriented organization) expects good governance. With globalization and liberalization gaining momentum, gone are the days of sheltered economies and totalitarian regimes where market forces had hardly much to say.
Corporate governance refers to a combination of laws, regulations, procedures, implicit rules and voluntary practices which enable companies to attract financial and human capital, perform efficiently and maximize long term value for shareholders, while respecting the aspect of multiple stakeholders.
Corporate governance rests on four pillars viz., transparency, full disclosure, independent monitoring and being fair to all, especially to minority shareholders.
The corporate governance system has taken center stage in India after the issue of SEBI guidelines and amendment of listing agreements of the various stock exchanges in response thereto and amendment to the Companies Act.
Our services include:
  • Accountability
    • Effective Supervision
    • Independent verification
  • Balance in the Boardroom
    • Sufficient number of non - executives directors who are independent of the board, etc
    • Maintenance and periodic review of the internal control system
  • Periodic monitoring through internal audit
  • Adequate disclosure and transparency in reports
  • Independent audit
  • Formation of an independent audit committee for the board
  • Participation in board of directors of Companies, to ensure good corporate governance, establishing healthy transparent business practices for the future.
The prevalent corporate structure, culture and the management ethos of the corporate sector also have an overwhelming influence on the nature of corporate governance.
The focus on capital markets-national as well as international- for mobilization of resources has made corporate governance increasingly indispensable. Good Corporate governance and vibrant capital markets are considered to be a sine-a-qua.
We at Bansal Neeraj & Associates help our clients in the most effective corporate compliance methods in line with the guidelines issued.
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